Updated about 4 years ago on . Most recent reply
Seeking Advice/Moral Dilemma
New investor, two single family homes so far. Found a commercial building a few months ago and put it under contract. Seemed like a great deal at the time. It has a three year lease with an electricity company that has been there for 15 years and it will cash flow $350/month. It has taken them months to complete appraisal and we are finally moving forward. Over the last few months I've realized I have no exit strategy for this property because it is in a small town and if the tenant moves at the end of the lease I will have a hard time renting or selling. I've already spent about 2K on appraisal, inspection and attorney. I'll be putting 21K down payment and all other closing cost are paid by seller. Also, I've decided to pursue STR's from this point forward. I am strongly considering backing out, but I feel that at this point I have a moral obligation to move forward with the deal. If I do not move forward with this, I can begin searching for my first STR.